Domino's acquires German chain Joey's Pizza

Domino's Pizza announced that it has acquired the Joey's Pizza chain of pizza stores in Germany for up to €79 million (A$120 million).

Joey’s Pizza is the largest pizza chain in Germany with 212 stores, comprising 209 franchise stores and three corporate stores.

Following the acquisition, the store count of Domino's in Europe is expected to increase to approximately 775 stores. The company said that this will leverage the operational and management expertise of the brand in the Netherlands, Belgium and France as well as facilities in these existing territories.

Commenting on the acquisition, Don Meij, DPE’s CEO, said: “Germany is the fourth largest pizza market in the world and our entry into this market represents an exciting long term growth opportunity for Domino's Pizza Enterprises.

"The acquisition of the market leading Joey’s Pizza business provides immediate scale and marketing presence which we can build from. We look forward to partnering with the existing Joey’s Pizza franchisees to leverage the expertise that our regional, and increasingly global, platform provides in terms of our digital offering, procurement and product innovation."

"We will ensure that our offering reflects the unique tastes of German customers,” Meij said

The owners of Joey’s Pizza, Carsten Gerlach and Christian Niemax, jointly said in a statement: “We see the benefits which Joey’s Pizza customers and franchisees will obtain from the association with a sophisticated global pizza operator who recognises the importance of our culture and the 27 year history of our business in the German market.”

According to Domino's, the transaction will have a small positive impact on the company's underlying FY16 forecast EPS as the earnings contribution from the joint venture will only be for part of the year. As a result of the acquisition of Joey’s Pizza, German stores of DPG and Pizza Sprint, DPE is upgrading its store opening targets for FY16 to be in the range of an additional 480 - 500 stores.

The company also announced that it is upgrading its Europe long-term store count guidance from 1,500 to 2,500 stores.

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